XYO Network has become the latest crypto hundred-bagger, as the token for the decentralised oracle network surged on Coinbase Pro and KuCoin listings.

The ERC-20 token was trading for US3.5c, up 68 per cent from yesterday — and up roughly 10,000 per cent from its price in December through March, when XYO coins were trading for around 0.003c.

XYO Network — the story so far

The coin powers a “decentralized network of devices that anonymously collects and validates geospatial data,” preventing devices from spoofing their location. The XYO Foundation says the network could be used to trustlessly track packages, rental cars, airport luggage, drones and more.

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The token is currently the No. 210 coin by market cap, according to Coingecko.

Crypto market up 2.8%

Overall the crypto market was up 2.8 per cent to US$2.25 trillion, with Bitcoin rising 1.2 per cent to US$47,024 but Ethereum falling 0.7 per cent to US$3,504.

Perth-based ThinkMarkets analyst Carl Capolingua told Ausbiz TV this morning that he thought this week’s correction came from traders overleveraging themselves in advance of El Salvador’s Bitcoin law coming into effect.

“We have stabilised, the trend has taken a hit,” he said. “It’s 50/50 from here, I won’t make a call until I see a few more candles, but probably by early next week I’ll be able to tell you whether it’s onwards and upwards from here or if we’ve got a more protracted period of consolidation.”

Sydney-based City Index analyst Tony Sycamore said in his morning brief that while the chart for Ethereum had become messy, he saw the uptrend remaining intact as long as it remained above support at $3,400 and $3,000.

Coingecko

Solana meanwhile was down 9.4 per cent to US$191.50, cooling off a bit after its red-hot run. XRP was up 9.2 per cent to US$1.21 to reclaim the No. 6 crypto spot from Solana.

Tezos was the latest layer 1 smart contract platform to enjoy a moment in the sun, soaring 42 per cent to US$6.21 for the biggest gains of any coin in the top 100.

The platform has managed to get some traction for NFT usage, with this week American rapper Doja Cat releasing some on OneOf, a “green” NFT platform built on Tezos especially for music artists.

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ICON was up 36.8 per cent, followed by Harmony (31 per cent), Cosmos (25 per cent), Mina Protocol (23 per cent), Avalanche (23 per cent), Kusama (20 per cent) and Polkadot (16 per cent).

Osmosis Network, a protocol for swapping between tokens on different blockchains that have enabled Cosmos’ inter-blockchain communication protocol (IBC), had hit an all-time high of $5.33 this morning. The coin is the No. 114 crypto.

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